Power Utility Consumption Capm in Uk Stock Markets

Pricing of Securities in Financial Markets 40141 – How well does the power utility consumption CAPM perform in UK Stock Returns? ******** 1 Hansen and Jagannathan (1991) LOP Volatility Bounds Volatility bounds were first derived by Shiller (1982) to help diagnose and test a particular set of asset pricing models. He found that to price a set of assets, the consumption model must have a high value for the risk aversion coefficient or have a high level of volatility.Hansen and Jagannathan (1991) expanded on Shiller’s paper to show the duality between mean-variance frontiers of asset portfolios and mean-variance frontier of stochastic discount factors. Law of one price volatility bounds are derived by calculating the minimum variance of a stochastic discount factor for a given value of E(m), subject to the law of one price restriction. The law of one price restriction states that E(mR) = 1, which means that the assets with identical payoffs must have the same price. For th is constraint to hold, the pricing equation must be true.Hansen and Jagannathan use an orthogonal decomposition to calculate the set of minimum variance discount factors that will price a set of assets. The equation m = x* + we* + n can be used to calculate discount factors that will price the assets subject to the LOP condition. Once x* and e* are calculated, the minimum variance discount factors that will price the assets can be found by changing the weights, w. Hansen and Jagannathan viewed the volatility bounds as a constraint imposed upon a set of discount factors that will price a set of assets.Therefore, when deriving the volatility bounds, we calculate the minimum variance stochastic discount factors that will price the set of assets. Discount factors that have a lower variance than these values will not price the assets correctly. Furthermore, Hansen and Jagannathan showed that to price a set of assets, we require discount factors with a high volatility and a mean close to 1. After deriving these bounds, we can use this constraint to test candidate asset pricing models.Models that produce a discount factor with a lower volatility than any discount factor on the LOP volatility can be rejected as they do not produce sufficient volatility. Hansen and Jagannathan find evidence that using LOP volatility bounds, we can reject a number of models such as the consumption model with a power function analysed in papers such as Dunn and Singleton (1986). 2 Methodology To test whether the power utility CCAPM prices the UK Treasury Bill (Rf) and value weighted market index returns, we first calculate the LOP volatility bounds.The volatility bound is derived by calculating the minimum variance discount factors that correctly price the two assets for given values of E (m). The standard deviations of the stochastic discount factors are then plotted on a graph to give the LOP volatility bound shown in figure one. Figure 1 here The CCAPM stochastic discount factors are then calculated for different levels of risk aversion. The mean and standard deviation of these discount factors are then plotted on the graph and compared to the LOP discount factor standard deviations.Pricing errors can then be calculated and analysed to see whether the assets are priced correctly by the candidate model. To accept the CCAPM model in pricing the assets, we expect the stochastic discount factors variance to be greater than the variance of the LOP volatility bounds. It is also expected that pricing errors and average pricing errors (RMSE) will be close to zero. These results will be analysed more closely in the later questions. 3 Power Utility CCAPM vs LOP Volatility Bounds In order for the power utility CCAPM to satisfy the Law of One Price volatility bound test at any level of risk aversion, the standard deviation f the CCAPM stochastic discount factor at that level of risk aversion must be above the Law of One Price standard deviation bound for the mean value of t he CCAPM stochastic discount factor at the same level of risk aversion. This is the null hypothesis and if it is accepted then the model satisfies the test. The alternative hypothesis is that it the standard deviation of the stochastic discount factor is below the Law of One Price standard deviation bound for the mean value of the stochastic discount factor.If the null hypothesis is rejected and the alternative hypothesis is accepted then the model does not satisfy the test. Table 1 here Figure 2 here Figure 2 shows LOP volatility bounds and the standard deviations and means of the CCAPM stochastic discount factors for levels of risk aversion between 1 and 20. It is obvious the standard deviations (Sigma(m)) of the CCAPM stochastic discounts factors are much lower than the LOP volatility bounds corresponding to the means (E(m)) of the CCAPM stochastic discount factors.This is true for any level of risk aversion, because the entire CCAPM (green) line lies below the LOP volatility bou nds (dark blue) line. Table 1 shows the standard deviations of the stochastic discount factors and the precise LOP volatility bound values, corresponding to the stochastic discount factor means so that the CCAPM can be formally tested. All of the standard deviations are lower than their respective volatility bound values. Therefore the null hypothesis is to be rejected and the alternative hypothesis is to be accepted for all levels of risk aversion between 1 and 20.Furthermore it would take a risk aversion of at least 54 to accept the null hypothesis. Therefore the power utility CCAPM stochastic discount factor does not satisfy the Law of One Price volatility bound test. These results are consistent with the equity premium puzzle study by Mehra and Prescott (1985). The study examines whether a consumption growth based model with a risk aversion value restricted to no more than 10 accurately prices equities. They have found that according to the model equity premiums should not excee d 0. 5% for values of risk aversion (? ) between 0 and 10 and values of the beta coefficient (? ) between 0 and 1. However the average observed equity premium based on the average real return on nearly riskless short-term securities and the S&P 500 for the period 1989-1978 was 6. 18%. This is clearly inconsistent with the predictions of the model. In particular if risk aversion is close to 0 and individuals are almost risk neutral, the model fails to explain why the sample’s average equity returns are so high.If risk aversion is significantly positive the model does not justify the low average risk-free rate of the sample. The results of Mehra and Prescott’s (2008) empirical study are consistent with our results, because the power utility CAPM did not satisfy our empirical tests. 4 Kan and Robotti (2007) Confidence Intervals The Law of One Price volatility bounds calculated in part 2 are subject to sampling variation. We have calculated point estimates of the volatilit y bounds, but we did not take into account that our results are based on a finite sample of Treasury Bill and market returns.To more accurately test whether the power utility CCAPM passes the LOP volatility bounds test, we need to identify the area in which the population volatility bound may lie. The area used is that between the upper and lower 95% confidence intervals for Hansen-Jagannathan volatility bounds obtained by Kan and Robotti (2007), shown in table 2. If the standard deviations of the CCAPM stochastic discount factors lie below that area for values of risk aversion between 1 and 20, then the power utility CCAPM model is to be rejected according to this test.Table 2 here Figure 3 here Figure 3 contains point estimates of the LOP volatility bounds, the standard deviations and means of the CCAPM stochastic discount factors for levels of risk aversion between 1 and 20 and the 95% confidence intervals for the volatility bounds. All of the standard deviations are below the ar ea in between the upper and lower confidence intervals for the volatility bounds. This indicates that at a 95% certainty the CCAPM does not satisfy the LOP volatility bound test even when sampling errors are taken into account. Performance of Power Utility CCAPM In recent academic literature on the subject of asset pricing models a common formal method of evaluating model performance is to calculate the pricing errors on a set of test assets. In this report the test assets are the Treasury Bill and Market Index quarterly returns from Q1 1963 to Q4 2009. The pricing error is calculated as [pic] Where [pic], [pic] Treasury Bill and Market Index returns, and [pic] is the pricing errors. Table 3 hereFor a model to correctly price an asset it would require that the pricing errors are as close to zero as possible since the pricing error is a measure of the distance between the model pricing kernel and the true pricing kernel. From Table 3 we can see that the pricing errors for the differe nt values of risk aversion are not close to zero and the size of the errors actually increases with the level of risk aversion. We can also see that the Route Mean Square Pricing Error (RSME) which measures the average distance from zero of the pricing errors is not as close to zero as we would hope and also increases with the level of risk aversion.If we note the case for a risk aversion level of 20 then the RSME is 6. 76%, since this is quarterly data this works out to an annual RSME of approximately 27%. With such large pricing errors we would not expect this model to perform strongly. Hansen and Jagannathan (1997) found that for different levels of risk aversion the pricing errors do not vary greatly. As noted above, this is not the case in our sample in which the error increases with the level of risk aversion, thus creating an ever wider dispersion of pricing errors.This is counterintuitive to what we would usually assume as with increased levels of risk aversion the consumer is only willing to accept a certain level of return for lower and lower levels of risk, therefore we would expect at some point that the mean variance level would pass the volatility bounds and therefore correctly price the assets. Conforming with this report Cochrane and Hansen (1992) found that in order to satisfy the levels of variance necessary to surpass the volatility bounds a risk aversion level of at least 40 was necessary.It should be noted that in reality this is quite unreasonable and also that for this level of variance to be attained the expected return might also have to drop below the level necessary to surpass the volatility bounds. Table 4 here From Hansen and Jagannathan (1991) we know that in order to price a set of assets correctly the stochastic discount factor (SDF) should be close to one and have high levels of volatility. Table 4 shows that SDF’s at low levels of risk aversion are relatively close to one but have very low levels of volatility.When the level of risk aversion increases the SDF’s get further and further away from one yet the volatility also increases. Therefore it seems reasonable to conclude that we would not expect any of these SDF’s to price the assets correctly. The results illustrated above are consistent with the earlier analysis and point to the conclusion that the power utility CCAPM does not do a good job in pricing the two test assets and thus does not perform well in UK stock returns. Cochrane and Hansen (1992) agree with this conclusion but Kan and Robotti (2007) find the opposite.The reason for this could be the use of sampling error in the Kan and Robotti paper and the different data used the in the analysis. This report illustrates that there exists not only an equity premium puzzle but also a risk free rate puzzle. This risk free rate puzzle as noted by Weil (1989) states that if consumers are extremely risk averse, a result of the equity premium puzzle, then why is the risk free rate s o low. Weil cites market imperfections and heterogeneity as the probable causes of this puzzle; however, this is not the explanation that Bansal and Yaron (2004) find.Using a model that accounts for investor reaction to news about growth rates and economic uncertainty they are able to go some way to resolving not only the risk free rate puzzle but also the equity risk premium puzzle. One method that could be used to improve the performance of the power utility CCAPM would be to construct the model using conditioning information; this would enlarge the possible payoff space available to investors. Kan and Robotti (2006) find that including conditioning information in models reduces the pricing errors by allowing the prices of volatility to move in line with the market.Although as Roussanov (2010) finds, conditioning information does not necessarily improve model performance and may actually exacerbate the problem. 6 Sampling Error in the Volatility Bounds When using the volatility bo unds as specified by Hansen and Jagannathan (1991) to test asset pricing models we must be wary of sampling error in the bounds. As noted previously if a model does not lie within the Hansen and Jagannathan volatility bounds then we can conclude that it does not price the test assets correctly.However, Gregory and Smith (1992) and Burnside (1994) first noted that this test does not take into account significant sampling variation and could therefore reject models that price assets correctly. Burnside (1994) uses Monte-Carlo simulation to illustrate that over repeated samples if sampling error is ignored the volatility bounds test performs poorly. Gregory and Smith (1992) state that the sampling error could be due to large variability in the estimated bounds or the use of sample data in the analysis.Kan and Robotti (2007) derive the finite sample distribution of the Hansen and Jagannathan bounds in order to take account of this sampling error. They argue that confidence intervals tha t take into account the variation can be constructed and used to test asset pricing models. The importance of this new method of testing cannot be underestimated as it could affect the decision to reject an asset pricing model or not, this is best illustrated with reference to examples. Kan and Robotti test the equity premium puzzle using data from Shiller (1989) to show the implications of taking into account sampling error.Through constructing the 95% confidence intervals for the Hansen and Jagannathan volatility bounds they are able to show that the time-separable power utility model being tested may not be rejected at low levels of risk aversion. This is in stark contrast to the findings when sampling error is not taken into account where the model is strongly rejected except for unfeasible levels of risk aversion. From Figure 3, as noted earlier, even when sampling error is taken into account for the model tested in this report it does not fall within the volatility bounds.Howe ver, it does decreases the distance between the model and the volatility bounds which is the major consequence of the Kan and Robotti paper. This new method goes some way to solving the problem noted by Cecchetti, Lam, and Mark (1994) who found using classical hypothesis tests that the Hansen and Jagannathan bounds without sampling error rejected true models too often. Again, an extension here could be to use conditioning information to improve the volatility bounds by using the methods of Ferson and Siegel (2003) and as a result hopefully reduce the sampling error in the bounds.References Bansal, R. and A. Yaron, 2004, Risks for the long run: A potential resolution of asset pricing puzzles, Journal of Finance, American Finance Association, vol. 59(4), pages 1481-1509, 08. Burnside, C. , 1994, Hansen-Jagannathan Bounds as Classical Tests of Asset-Pricing Models,† Journal of Business & Economic Statistics, American Statistical Association, vol. 12(1), pages 57-79 Cecchetti, S. G. , P. Lam, and N. C. Mark, 1994, Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns, Journal of Finance, 49, 123–152.Cochrane, J. H. and L. P. Hansen, 1992, Asset Pricing Explorations for Macroeconomics, NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 115-182 National Bureau of Economic Research, Inc. Dunn, K. , and K. Singleton, 1986, Modelling the term structure of interest rates under Non-separable utility and durability of goods, Journal of Financial Economics, 17, 1986, 27-55. Ferson, W. E. , and A. F. Siegel, 2003, Stochastic Discount Factor Bounds with Conditioning Information, Review of Financial studies, 16, 567–595. Gregory, A. W. and G. W Smith, 1992.Sampling variability in Hansen-Jagannathan bounds, Economics Letters, Elsevier, vol. 38(3), pages 263-267. Hansen, L. P. and R. Jagannathan, 1991, Implications of Security Market Data for Models of Dynamic Economies, Journal of Political Economy, Vol. 99, No. 2 (Apr. , 1991), pp. 225-262   Hansen, L. P. and R. Jagannathan, 1997. Assessing specification errors in stochastic discount factor models. Journal of Finance 52, 591-607. Kan, R. , and C. Robotti, 2007, The Exact Distribution of the Hansen-Jagannathan Bound. Working Paper, University of Toronto and Federal Reserve Bank of Atlanta. Mehra, R. , and E. C.Prescott, (1985), The equity premium: A puzzle, Journal of Monetary Economics 15, 145-161. Roussanov, N. , 2010, Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns, NBER Working Papers 16073, National Bureau of Economic Research, Inc. Shiller, R. , 1982, Consumption, Asset Markets and Macroeconomic fluctuations, Carnegie–Rochester Conference Series on Public Policy, Vol. 17. North-Holland Publishing Co. , 1982, pp. 203–238. Shiller, R. J. , 1989, Market Volatility, MIT Press, Massachusetts. Journal of Economic Behavior & Organization, Elsev ier, vol. 16(3), pages 361-364.Weil, P. , 1989, The equity premium puzzle and the risk free rate puzzle, Journal of Monetary Economics 24. 401-422. Appendix [pic] Figure 1 LOP Volatility Bounds. The figure shows the LOP volatility bounds (dark blue line) which were found by using Treasury Bill and market returns as test assets. [pic] Figure 2 LOP Volatility Bounds with CCAPM.The figure shows the LOP volatility bounds (dark blue line) which were found by using Treasury Bill and market returns as test assets. It also shows the means and corresponding standard deviations of the CCAPM stochastic discount factors (green line) for values of risk aversion between 1 and 20. [pic] Figure 3 LOP Volatility Bounds with CCAPM and Confidence Intervals. The figure shows the LOP volatility bounds (dark blue line) which were found by using Treasury Bill and market returns as test assets.It also shows the means and corresponding standard deviations of the CCAPM stochastic discount factors (green line ) for values of risk aversion between 1 and 20. The figure contains the confidence intervals, with a 95% level of confidence, estimated by Kan and Robotti (2007) for E(m) between 0. 97 and 1. 0082 for the Law of One Price volatility bounds for their first set of test assets. The light blue line shows the upper bounds of the confidence intervals and the red line shows the lower bounds of the confidence intervals. Table 1 CCAPM stochastic discount factors’ means and standard deviations and corresponding LOP volatility bounds CCAPM |LOP volatility bounds |CCAPM | | |means | |st. dev. | | |0. 985121 |0. 82806186 |0. 011749 | |0. 980404 |1. 2067111 |0. 023503 | |0. 975849 |1. 57451579 |0. 035275 | |0. 971456 |1. 93015539 |0. 04708 | |0. 967223 |2. 27320637 |0. 58934 | |0. 963151 |2. 60350158 |0. 070853 | |0. 959239 |2. 92096535 |0. 082854 | |0. 955486 |3. 22555764 |0. 094953 | |0. 951893 |3. 5172513 |0. 107169 | |0. 94846 |3. 7960217 |0. 11952 | |0. 945187 |4. 06184126 |0. 132027 | |0. 942074 |4. 31467648 |0. 14471 | |0. 939121 |4. 5448604 |0. 15759 | |0. 93633 |4. 7812196 |0. 17069 | |0. 933701 |4. 99481688 |0. 184033 | |0. 931234 |5. 19520693 |0. 197645 | |0. 928931 |5. 38230757 |0. 211552 | |0. 926792 |5. 55602479 |0. 225781 | |0. 92482 |5. 71625225 |0. 240361 | |0. 923016 |5. 8628708 |0. 255322 |This table shows the means of the CCAPM stochastic discount factors for levels of risk aversion between 0 and 20, the corresponding LOP volatility bounds and the standard deviations of the CCAPM stochastic discount factors. Table 2 95% confidence intervals for E(m) between 0. 97 and 1. 0082 E(m) Lower Upper 0. 9700 3. 1823 5. 2069 0. 9710 2. 9385 4. 8383 0. 9719 2. 7038 4. 4830 0. 9729 2. 4781 4. 1411 0. 9738 2. 2617 3. 8125 0. 9748 2. 0544 3. 4974 0. 9757 1. 8565 3. 1959 0. 9767 1. 6680 2. 9080 0. 9776 1. 4890 2. 6337 0. 9786 1. 3195 2. 3731 0. 9795 1. 1597 2. 1262 0. 805 1. 0097 1. 8931 0. 9815 0. 8696 1. 6739 0. 9824 0. 7394 1. 4685 0. 9834 0. 6194 1. 2770 0. 9843 0. 5096 1. 0993 0. 9853 0. 4101 0. 9356 0. 9863 0. 3212 0. 7857 0. 9873 0. 2429 0. 6497 0. 9882 0. 1755 0. 5275 0. 9892 0. 1190 0. 4192 0. 9902 0. 0736 0. 3248 0. 9912 0. 0393 0. 2445 0. 9922 0. 0160 0. 1784 0. 9931 0. 0030 0. 1275 0. 9941 0 0. 0938 0. 9951 0 NaN 0. 9961 0 0. 0938 0. 9971 0. 0029 0. 1279 0. 9981 0. 0159 0. 1798 0. 9991 0. 0395 0. 2474 1. 0001 0. 0745 0. 3302 1. 0011 0. 1212 0. 280 1. 0021 0. 1796 0. 5408 1. 0031 0. 2498 0. 6689 1. 0041 0. 3317 0. 8123 1. 0051 0. 4255 0. 9714 1. 0061 0. 5309 1. 1461 1. 0072 0. 6481 1. 3368 1. 0082 0. 7769 1. 5437 This table shows the upper and lower bounds of the 95% confidence intervals Kan and Robotti (2007) calculated for the volatility bounds for their first set of test assets. The confidence intervals presented are for values of E(m) between 0. 97 and 1. 0082. Table 3 Pricing errors for the Treasury Bill (Rf) and the value weighted UK market index (Rm), and the Root Mean Square Pricing Error (RSME) for each level of risk av ersion Level of Risk Aversion |Error Rf |Error Rm |RSME | |1 |-0. 0104 |0. 0047 |0. 0080 | |2 |-0. 0152 |-0. 0001 |0. 0107 | |3 |-0. 0199 |-0. 0049 |0. 0144 | |4 |-0. 0244 |-0. 0094 |0. 0184 | |5 |-0. 287 |-0. 0138 |0. 0225 | |6 |-0. 0329 |-0. 0180 |0. 0265 | |7 |-0. 0369 |-0. 0221 |0. 0304 | |8 |-0. 0408 |-0. 0260 |0. 0342 | |9 |-0. 0445 |-0. 0297 |0. 0378 | |10 |-0. 0480 |-0. 0333 |0. 413 | |11 |-0. 0514 |-0. 0367 |0. 0446 | |12 |-0. 0546 |-0. 0399 |0. 0478 | |13 |-0. 0577 |-0. 0430 |0. 0508 | |14 |-0. 0606 |-0. 0459 |0. 0537 | |15 |-0. 0634 |-0. 0487 |0. 0564 | |16 |-0. 660 |-0. 0513 |0. 0590 | |17 |-0. 0684 |-0. 0537 |0. 0614 | |18 |-0. 0706 |-0. 0560 |0. 0636 | |19 |-0. 0727 |-0. 0580 |0. 0657 | |20 |-0. 0747 |-0. 0600 |0. 0676 | | | | | |The pricing errors above are calculated as [pic], where [pic], [pic] Treasury Bill and Market Index returns, and [pic] is the pricing errors. The RSME is simply the average pricing error of the stochastic discount factor for each level of risk aversion. Table 4 Summary Statistics for power utility CCAPM stochastic discount factor |Level of Risk Aversion |Average |St Dev |Min |Max | |1 |0. 9851 |0. 0117 |0. 9551 |1. 0436 | |2 |0. 804 |0. 0235 |0. 9214 |1. 1000 | |3 |0. 9758 |0. 0353 |0. 8889 |1. 1595 | |4 |0. 9715 |0. 0471 |0. 8575 |1. 2223 | |5 |0. 9672 |0. 0589 |0. 8273 |1. 2884 | |6 |0. 9632 |0. 0709 |0. 7981 |1. 3581 | |7 |0. 592 |0. 0829 |0. 7699 |1. 4316 | |8 |0. 9555 |0. 0950 |0. 7428 |1. 5090 | |9 |0. 9519 |0. 1072 |0. 7166 |1. 5906 | |10 |0. 9485 |0. 1195 |0. 6913 |1. 6767 | |11 |0. 9452 |0. 1320 |0. 6669 |1. 7674 | |12 |0. 421 |0. 1447 |0. 6434 |1. 8630 | |13 |0. 9391 |0. 1576 |0. 6207 |1. 9638 | |14 |0. 9363 |0. 1707 |0. 5988 |2. 0701 | |15 |0. 9337 |0. 1840 |0. 5777 |2. 1821 | |16 |0. 9312 |0. 1976 |0. 5573 |2. 3001 | |17 |0. 9289 |0. 116 |0. 5377 |2. 4245 | |18 |0. 9268 |0. 2258 |0. 5187 |2. 5557 | |19 |0. 9248 |0. 2404 |0. 5004 |2. 6940 | |20 |0. 9230 |0. 2553 |0. 4827 |2. 8397 | This table shows the average value, standard deviation, minimum and maximum for the stochastic discount factor at each level of risk aversion. ———————– 24th November 2011

Discuss How Different Approaches to Learning Can Affect Student Success in Higher Education Essay

It utilized a questionnaire based on an academic text, gathering some students, asking them to read the text then answer the questionnaire. Two distinctive groups were formed: students with high levels of understanding and perfect answers, named deep approach learners, and another with lower level, referred to as surface approach learners (Ramsden, 2003). Later, another approach was discovered and named as the strategic approach to learning (Chin, 2000). This essay recommends the deep approach to learning to be followed as a key of success in higher education, arguing particularly about the advantages and disadvantages of both deep and surface approaches to learning. Advantages of surface approach: The expression of the word surface means â€Å"the top layer of something† (Cambridge, 2009). Students who are surface learners are characterized by mechanical memorization (Chin, 2000), which stands for memorizing facts without understanding their objectives. These students learn only to pass exams or to meet a demand. Surface approach has only a lone advantage which can only benefit some students and not all. It is applicable particularly for the students who work while they are studying or who suffer from work loads such as preparing for academic assignments and doing extensive homework. This can fulfill their need of acquiring a time saving approach that enables them to succeed in their studies. Disadvantages of surface approach: In contrast, surface approach has many disadvantages. Some of these disadvantages can be summarized in five main ways. First, the students who follow this route of learning can not demonstrate the new ideas learnt thoroughly, neither can they relate them with other fields (Ramsden, 2003). Second, it directs the student to be a dependent learner. For instance, if a chemistry instructor asked his students to prove an experiment practically, then the surface learners will depend on their peers’ idea to verify the experiment. If they do not, then they will easily give up and this can be considered as a third disadvantage. The forth disadvantage is that it makes them easily ignore the points that they do not understand. As in the first example, those students neglect and forget about the ideas that were not helpful in doing their experiment. Finally, it brings the learner to forget the knowledge learnt easily and fast (Johansson, n. d). Advantages of deep approach: The expression of the word deep means â€Å"being a long way down from the top or surface to the bottom† (Cambridge, 2009). So, deep learners are the students who search for the full of meaning of the subjects they learn by following strategic ways to achieve that. Deep learners, unlike surface learner, use memorization when necessary but not always. There are many advantages related to deep approach. First of all, deep approach encourages the students to become more interested in their subjects and to have the curiosity to learn further. The second is that it assists the students to predict new information by analyzing recent ideas and connecting them with their prior experience and with other fields, as a result forming a complete image of the task required (Chin, 2000). Thirdly, it enables the students to have high quality outcomes in higher education (Johansson, n. d. ). The last is that it encourages the students to be independent learners (Entwistle, 1990). Disadvantages of deep approach: However, there is only one disadvantage of deep approach, which can be described as the obsession and passion that the student may follow in order to learn everything about the subject being learnt (Johansson, n. d). This can waste time and cause irregularity for other subject timetables. For instance, many deep learners like to know the whole idea about everything they learn, however they are not supposed to know everything, but this obsession leads them to waste time unconsciously. This situation can occur sometimes within the period of final exams revision, which can drive the student to have lower marks than expected for a deep learner. Conclusion: After the classification of the students into deep and surface learners, many universities recommended their students to follow the deep rather than the surface approach to learning owing to its benefits that their students are going to obtain. Perhaps the surface approach is applicable for some students but not all. Nevertheless, the advantages of deep approach to learning are more than surface approach; in addition the disadvantages of the deep approach are much less than the surface approaches. Therefore, by following the deep approaches to learning, students’ success in higher education will be advantageous. References: . Cambridge University Press (Ed. ). (2009). Cambridge Advanced Learner’s Dictionary (3rded. ). Edinbrugh: Cambridge University Press. 2. Chin, C. & Brown, D. (2000). Learning in Science: A Comparison of Deep and Surface approaches. Journal of Research in Science Teaching, 37(2), (pp. 109-138). 3. Entwistle, N. & Tait, H. (1990). Approaches to learning, evaluations of teaching, and preferences of contrasting academic environments. Higher Education, (19), (pp. 169-194). Netherlands: Kluwer Academic Publishers. 4. Johansson, J. et al. (n. d). Experiences of learning student accounts linked with theory. Denmark: CDIO. 5. Ramsden, P. (Ed. ). (2003). Learning to Teaching in Higher Education. (2nded. ). USA: RoutledgeFalmer. Bibliography: 1. Beckwith, J. B. (1991). Approaches to learning, their context and relationship to assessment performance. Higher Education, 22, (pp. 17-30). Netherlands: Kluwer Academic Publishers. 2. Cuthbert, P. (2005). The Student Learning Process: Learning Styles or Learning Approaches? Teaching in Higher Education, 10(2), (pp. 235-249). United Kingdom: Manchester. 3. Entwistle, N. (1991). Approaches to learning and perceptions of the learning environment. Higher education, 22 (pp. 201-204). Edinbrugh: University of Edinbrugh. . Entwistle, N. (2000). Promoting deep learning through teaching and assessment: Conceptual frameworks and educational contexts. In: the TLRP Conference, Leicester, November 2000. 5. Fowler, J. & Wilson, K. (2005). Assessing the impact of learning environments on students’ approaches to learning: Comparing conventional and action learning desig ns. Assessing & Evaluation in Higher Education, 30(1), pp. 87-101. 6. Fox, J. & Bartholomae, S. (1999). Student learning style and educational outcomes: evidence from a family financial management course. Financial Services Review, 8(4), (pp. 235-251). 7. Iran-Nejad, A. (1990). Active and dynamic self-regulation of learning processes. Review of Educational Research, 60(4), (pp. 573-602). USA: University of Albama. 8. Kolb, A. & Kolb, D. (2005). Learning Styles and Learning Spaces: Enhancing Experiential Learning in Higher Education. Academy of Management Learning & Education, 4(2), (pp. 193-212). 9. Prosser, M. & Trigwell, K. (1999). Understanding Learning and Teaching: The Experience in Higher Education. Buckingham: Open University Press. 10. Ramburuth, P. & McCormick, J. (2001). Learning diversity in higher education: a comparative study of Asian international and Australian Students. Higher Education, 42, (pp. 333-350). Netherlands: Kluwer Academic Publishers. 11. Scouller, K. (1998). The influence of assessment method on students’ learning approaches: Multiple choice question examination versus assignment essay. Higher Education, 35, (pp. 453-472). Netherlands: Kluwer Academic Publishers. 12. Xu, R. (2004). Chinese Mainland Students’ Experiences of Teaching and Learning at a Chinese University: Some Emerging Findings. In: the BERA 2004 Conference, UMIST, Manchester, 15th-18th, September 2004. Edinbrugh: University of Edinbrugh.

What Is a Vein Definition, Types and Illustration

My Fs 101 Portfolio - 7901 Words

INTRODUCTION Providing quality education is the primary concern of Philippine educational system. Quality education is dependent on the quality of teachers. Field study is one way of preparing pre-service teachers to be properly prepared to undertake the vital role in uplifting the quality of education in the country. What is learned from Field Study or in the actual learning environment is far different from what is being learned in the classroom. What is only heard can be forgotten, as Confucius said that: What I hear, I forget. What I see, I remember. What I do, I understand. Three short statements but they mean a lot. These statements really imply the importance of conducting a Field Study by the†¦show more content†¦| |Gymnasium | | | | |Auditorium | | | | |Home Economics Room | | | | |Industrial Workshop Area | | | | |PTA Office | | | | |Comfort Room for Boys for Girls | | |It is in good condition. Well-maintained and | | | | |clean | |Comfort Room for school personal| | | | | | | |It is in good condition. Well-maintained and | | | | |clean | |Administrative Officer officeShow MoreRelatedStrategic Management and Matrix13286 Words   |  54 PagesFigure 6-5. Its four-quadrant framework indicates whether aggressive, conservative, defensive, or competitive strategies are most appropriate for a given organization. The axes of the SPACE Matrix represent two internal dimensions (financial strength [FS] and competitive advantage [CA]) and two external dimensions (environmental stability [ES] and industry strength [IS]). These four factors are the most important determinants of an organization s overall strategic position.4 Figure 6-5 TheRead MoreAnalysis of Marketing Strategy of Coca Cola and Pepsico12414 Words   |  50 Pageswe shall try to understand and analyze the product line and product classification of Pepsi and coca cola. 4.1 PRODUCT PORTFOLIO Both the cola majors have a variety of products available in their kitty. They have a wide range of product line. They keep coming on with new products to attract the customers and to have a major share of the market. So the product portfolio of these companies is as follows: 4.1.1 COCA COLA The Coca-Cola Company has more than 2800 products in over 200 countriesRead MorePromotion Strategy - Software Industry - Webtel10593 Words   |  43 PagesHelicopters, Amity International Business School, Tata Chemicals LTD, Nestle India Food Speciality, IFFCO Tokyo, MDLR Group, Koutons India, Liberty Shoes, Mothers Pride, HCL, Jagannath Institute of Management Sciences, FCI, Rich Look, Amtek Auto, ILFS, Lumax Automotives LTD. PLAN OF THE RESEARCH INTRODUCTION Theoretical study is incomplete without the practical knowledge, now a day’s theory without practical is of no use. No doubt theory provides examines the elements of truth lying in theRead MoreHigh School Student Essay20272 Words   |  82 Pagesrespond, and gentle reminders to speak a bit louder (C. Park, 1997). Another teacher reported the following: †¢ ââ€"  †¢ I traditionally end every day with the students lining up and receiving a hug before they leave. My Vietnamese kids were always the stiff huggers until October. Through my understanding of their cultures, I now give all students the choice of a hug, handshake, or high five. This simple act may make children feel more comfortable interacting with me. (McAllister Irvine, 2002, p. 440)Read MoreMonte Carlo Simulation218872 Words   |  876 Pagesways to develop an understanding of a model of, say, the term structure of interest rates is to implement a simulation of the model; and ï ¬ nding ways to improve the eï ¬Æ'ciency of a simulation motivates a deeper investigation into properties of a model. My intended audience is a mix of graduate students in ï ¬ nancial engineering, researchers interested in the application of Monte Carlo methods in ï ¬ nance, and practitioners implementing models in industry. This book has grown out of lecture notes I have usedRead MoreProject Mgmt2963 81 Words   |  1186 Pagesand time baseline schedule (1.3.5) [8.1.3] 6.5.2.3 Critical chain method Chapter 9 Chapter 10 Reducing Project Duration Leadership Chapter 2 Organization Strategy and Project Selection 1.4 Projects and programs (.2) 1.4.1 Managing the portfolio 1.4.3 Strategy and projects 2.3 Stakeholders and review boards 12.1 RFP’s and vendor selection (.3.4.5) 11.2.2.6 SWAT analysis 6.5.2.7 Schedule compression 9.4.2.5 Leadership skills G.1 Project leadership 10.1 Stakeholder management ChapterRead MorePmp Exam Preparation Questions32679 Words   |  131 Pagesconstructed. The entire effort is on schedule to be completed in the next two years. Which one of the following statements BEST fits what the city has undertaken?    A A Portfolio, which is a collection of projects that are grouped together to facilitate effective management and meet strategic business objectives. The projects in this portfolio may not necessarily be interdependent or directly related. B A Program, which is a group of related projects managed in a coordinated way to obtain benefits andRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 Pagestrademarks of Apple Computer, Inc. Used herein under license. Library of Congress Control Number: 2006933904 Student Edition: ISBN-13: 978-0-495-11873-2 ISBN-10: 0-495-11873-7 ââ€"   To my nephews, Jesse and Luke Smidt, who bet I wouldn’t put their names in this book. R. P. ââ€"   To my wife, Sally, and my daughter, Anna C. O. ââ€"   To Carol, Allie, and Teri. J. D. ââ€"   About the Authors puter Teacher of the Year award in 1988 and received the Siemens Award for Advanced Placement in mathematics

Analysis Of Robert Frost s Poetry - 1219 Words

than a modern poet, it is difficult to place him in the main current of modern poetry. (1962:138) Because Frost s poetry has been responsive and illustrative of the Americans taste and aspirations, the latter have considered him their singer and bard to be acclaimed as America s Grand Man of Poetry as pointed out by Adlia Stevenson. (Grave,1985:2). Moreover, who is generally considered as one of the most prominent American poets of the 20th century, he is a symbolist poet on the grounds that he uses natural imagery allusive of particular daily situations and experiences; he uses some images so that, in addition to their meanings, they epitomize abstract ideas that seem to be more Importance and resonance. This†¦show more content†¦To add, Frost is a contemporary poet, being the friend of some prominent yet great poets like Ezra Pound and Wallace Stevens. Thus, the question that Frost appears to be a poet of nature is still controversial among critics and readers, being different from any other modern poet of his time. The major themes tackled by Frost are those ones rel ated to capitalism, the selfishness of the modern man, the existence of man, solitude, the individual s dilemma as one trapped by the demerits of the modern world, and symbolism. This study examines carefully the elements of nature which Frost himself employs in his poetry for the sake of presenting particular themes and ideas, though he himself may deny the fact that the is a poet of nature. Nevertheless, a profound reading of Frost s poetry proves that one could hardly avoid regarding him as a Poet of nature, for the natural elements predominant in his Poems. The Works of Frost Robert Frost is one of the greatest of American Poets. His poetry is a source of comfort and inspiration. Frost was particularly skilled at representing a wide range of human experience in his poems.(Randall, 1999).He also formed a life-long love of nature, the great outdoors and rural countryside. He composed his first poem The Butterfly at the age of nineteen, and it was accepted for publicationShow MoreR elatedModern F. Robert Frost1547 Words   |  7 Pages9th, 2015 Robert Frost: Modern Multiplicity Robert Frost is a multiple poet. –Louis Untermeyer What is customary and, therefore, stereotypical of modern artistic thought is the belief that only one central meaning can be gathered from any one reading; that these singular interpretations support, give credence and justify hegemonic forces or grand narratives in society. Defining the term â€Å"modern† in his work The Postmodern Condition: A Report on Knowledge, Jean-Francois Lyotard â€Å"designate[s]† this nameRead MoreAnalysis Of The Poem My August Guest By Robert Frost Essay1378 Words   |  6 PagesPaper #1: Formalist Analysis The term â€Å"formalism† refers to a critical approach that analyzes, interprets, or evaluates the features of a text. These features include not only grammar and syntax but also literary devices such as meter, and metaphor. The formalist approach does not pay attention to a text s historical, biographical, or geographical context. A formal analysis, is the formal analyzation of a text. This paper will delve into the formal analysis of two distinct poems, written by differentRead MoreRobert Frosts Mending Wall1210 Words   |  5 PagesAnalysis Mending Wall, By Robert Frost In Mending Wall, Robert Frost uses a series of contrasts, to express his own conflict between tradition and creation. By describing the annual ritual of two neighbors repairing the wall between them, he contrasts both neighbors through their ideas and actions, intertwining the use of parallelism and metaphors, in order to display his own innermost conflict as a poet; the balance between what is to be said and what is to be left to the reader, the balanceRead MoreEssay on Robert Frosts Life and Accomplishments1244 Words   |  5 Pagesâ€Å"In three words I can sum up everything I’ve learned about life: it goes on.† After a lifetime of ups and downs, Robert Frost said this quote. Most of his poems already shared his message, that life is not as easy as it may first appear to be. He used the simplicity of nature and vernacular speech to give his poems a casual mood, though underneath they display a much deeper meaning of life. These poems help to show people just some of the difficult things that will be faced in life, despite everythingRead MoreAnalysis of the Wood Pile1335 Words   |  6 PagesWITH NATURE Robert Frost s poem, The Wood-Pile, focuses on a man who adventures himself in a frozen swamp. Away from home, he fears the environment surrounding him. Until a small bird, flies ahead of him and draws his attention on a decayed woodpile. This marks a turning point in the poem. The man, hypnotized by the wood pile, feels more comfortable because he knows humans were here before him. He enters in some sort of communion with nature. In his line by line analysis of Frosts poem On theRead MoreEssay on Robert Frost1443 Words   |  6 Pages Robert Lee Frost was born in San Francisco on March 26, 1874 and died in Boston on January 29, 1963. Frost was considered to be one of America’s leading 20th century poets and a four-time winner of the Pulitzer Prize. He was an essentially pastoral poet who was often associated with rural New England. Frost wrote poems of a philosophical region. His poems were traditional but he often said as a dig at his archrival Carl Sandburg, that â€Å"he would soon play tennis without a net as write free verseRead MoreAcquainted With The Night By Robert Frost Essay1670 Words   |  7 PagesAcquainted with Ambiguity: An Analysis of Robert’s Frost’s â€Å"Acquainted with the Night† Born at the end of the 19th century and writing into the 20th century, poet Robert Frost is famous for putting a 20th century spin on 19th century poetic conventions (Robert Frost). His 1928 poem â€Å"Acquainted with the Night† is one of the best examples of this spin, combining modern experimental techniques with a set structure and rhyme scheme. In the poem, the speaker recounts his/her ambiguous relationshipRead MoreRobert Frost : A New England Poet3698 Words   |  15 PagesRobert Lee Frost Known for being a New England poet Robert Frost was born in San Francisco, California on March 26th, 1874. Born to a New England father William Prescott Frost Jr. and a Scottish mother Isabelle Moodie who moved to the west coast from Pennsylvania after marriage (Bailey). Both his parents were teachers and poets themselves, but his father later became a journalist with the San Francisco Evening Bulletin (Bailey). Frost spent 12 years of his life growing up in San Francisco, untilRead MoreEssay on Analysis of Robert Frosts Poem, Nothing Gold Can Stay707 Words   |  3 PagesAnalysis of Robert Frosts Poem, Nothing Gold Can Stay Robert Frost has a fine talent for putting words into poetry. Words which are normally simplistic spur to life when he combines them into a whimsical poetic masterpiece. His Nothing Gold Can Stay poem is no exception. Although short, it drives home a deep point and meaning. Life is such a fragile thing and most of it is taken for granted. The finest, most precious time in life generally passes in what could be the blink of an eye.Read MoreDifference Between Poetry And Prose900 Words   |  4 Pages The difference between poetry and prose is often chalked up to the presence or lack of rhyme and rhythm in writing. Though this might work with some classical poetry, some classical poets experimented with and broke the rules of rhythm and rhyme in favor of artistic meaning. Though many modern poets choose to use rhyme and rhythm in obvious ways, there are many who choose to throw the rules out the window. It is now necessary for students of poetry to not only understand how to dif ferentiate

What Lay Behind the Horrors of the Slave Trade free essay sample

What Lay Behind The Horrors Of The Slave Trade? In this essay I would be examining what lay behind the horrors of the slave trade. This essay will include the countries that were involved in the slave trade, how they benefited from it and the power they had over the enslaved Africans. The slave trade worked in a triangle, between four continents: Europe, Africa, South America and North America.Slave ships leave ports like London, Bristol and Liverpool for West Africa carrying manufactured goods like guns, alcohol, iron bars, which are traded for African men, women and children who had been captured by slave traders or bought from African hives on the West African coast. From Africa a ship full Of slaves leaves to America and the West Indies, where they are sold to the highest bidder and thats where families are separated. Once they have been bought, after that they belonged to the plantation owner. We will write a custom essay sample on What Lay Behind the Horrors of the Slave Trade? or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Some refused to be enslaved and took their live, others run away and pregnant woman preferred to have an abortion than to raise their children into slavery. With the money made from the sale of enslaved Africans, goods such as sugar, coffee and tobacco were bought and taken back to Britain for sale. The ships were loaded with produce from the plantations for the voyage back home. For over 300 years, European countries forced Africans onto slave ships and transported them over the Atlantic Ocean but how did the people back in Britain get involved in the slave trade?As the slave trade grew, numerous of people began to get involved or simply benefited from it. Banks and finance houses in Britain began to grow from the fees and the interest they earned from merchants who borrowed money for their voyages. Bristol and Liverpool became major ports for slave ships, handling cargoes they brought back and between 1700 and 1800, Liverpool population dramatically rose from 5,000 to 78,000. Others worked in factories that had been set up with the money from the slave trade.The slave trade also provided various jobs back in Britain, many worked in factories which sold their goods to West Africa, and these goods will then be traded for slaves. Birmingham also included itself by having 4,000 gun makers with 1 00,000 guns a year People in Britain werent the only one who benefited from the slave trade, West African leaders involved in the trade also benefited by capturing and trading Africans to the Europeans because they are the one who got all the manufactured goods that were traded for slaves. The African chiefs were also infinite themselves with all the money that they got from trading Africans.My view is that because of the benefits they had, it means that they were also involved and think w ithout them the trade wouldnt of happened because they are the one who captured slave for the Europeans, therefore they made a path for the slave trade to happen. Ghastly, the West Indies and the Americans were obviously involved because they are the ones who bought and owned the slaves for their plantations. Plantation owners who used slave labor to grow their crops and the fact that they didnt have to pay the slave made them vast profits.Often planters retired to Britain with the profits they made and had grand country houses already built for them. Some planter used their money wisely, to become MSP and others invested their profits in new factories and inventions wish helped to finance the Industrial Revolution. Would like to conclude that for me the biggest horrors that lay behind the slave trade is how other African traded their own kind for manufactured goods, how cruelly the Africans were treated on the slave ships and plantations and the power that the Europeans , the Americans, and some other Africans had over the slaves. So think that the slave trade Was unnecessary, but all those four continents that were involved benefited from it one way or another as they all played important roles because without one, let say the West Indies and Americans, who would of bought all those sl ave? Or which plantations would the slaves have worked on? And the slave trade wouldnt have been so successful or benefiting without one side of the triangle. Or without the slave we wouldnt have what we have today but still think the way they treated black people was out of order and shouldnt had to happen in order for the countries to have wealth.

The Awakening Essays (813 words) - The Awakening, Grand Isle, Edna

The Awakening The Awakening The Awakening, written by Kate Chopin, tells the story of a woman, Edna Pontellier, who undergoes a transformation from an obedient housewife to a person who is alive with strength, character and emotions which she no longer has to repress. This metamorphosis is shaped by her surroundings. Just as her behavior is more shocking and horrifying because of her position in Grand Isle society, it is that very position which causes her to feel restrained and makes her yearn to rebel. Adele Ratignolle is Edna's close friend and confidante. However the two women are nothing alike. Adele is the perfect housewife and mother, and the epitome of what a Creole woman should be. Adele lives her life for her children, always being sure that they are properly cared for, clothed, and educated. Unlike Adele, whose life is fulfilled through loving and caring for her children, Edna is ?fond of her children in an uneven, impulsive way.? Nevertheless, her children are not enough to justify her life. Adele can not understand how Edna could say that she ?[will] never sacrifice herself to her children, or for anyone.? Edna's being is taking on a new importance in her life. She is starting to realize just how important it is to be true to herself. She goes along with the way things are supposed to be, holds her socials, and tends to her house until she becomes aware that she needs more from her life. Also, Edna's marriage to Leonce is safe, but there is no passion or excitement. She simply ?[grows] fond of her husband, realizing with some unaccountable satisfaction that no trace of passion or excessive and fictitious warmth color her affection.? While this lack of emotion is enough to satisfy Edna for the majority of her marriage, after she begins to allow her true self to come forth, she feels trapped and seeks a way to escape. She realizes that she need not fit the mold of the typical Creole woman. Her lifestyle suffocates her. In addition to her lifestyle, Edna's behavior is more shocking and horrifying because of her position in society as a woman. Similar to Edna's relationship with her children is her relationship with her husband, Leonce. The Grand Isle society defines the role of wife to be full devotion towards their husband and to self-sacrifice for your husband. Edna never adheres to the society's definition, even at the beginning of the novel. For example, the other ladies at Grand Isle ?all [declare] that Mr. Pontellier is the best husband in the world.? Edna is ?forced to admit she knew of none better.? By using words like ?forced? and ?admit? Chopin illustrates Edna's true feelings towards Leonce. Moreover, Edna's open relationship with Robert, a single man is outrageous. For instance, Robert and Edna share the summer warmth of the Gulf as they lightly talk. Robert ?talks a great deal about himself.? Nevertheless, they talk about the breeze, the pleasure they have while swimming?all the things that disgruntle Mr. Pontellier. The scene Chopin describes is a scene for lovers. Also, Edna has no interest in watching her children. In fact, Leonce provides a ?quadroon nurse? to look after their children. Edna yearns to rebel by doing all the things that are not expected of her. She swims at any given hour of the day. According to her husband it is ?folly: to go swimming in such heat. In addition to her swimming, Edna breaks the social code, which measures a woman's respectability by the cut of her dress, the length of her gloves and the color of her complexion. Leonce tells Edna she is ?burnt beyond recognition.? Lastly, Edna's quest to rebel is fascinated by Mademoiselle Reiz, who is a brilliant pianist. Mademoiselle Reiz's talent is somewhat lost on the other people on the island. They cannot appreciate her artistry, as does Edna because Reiz does not fit their idea of what a proper woman should be; she is eccentric and bold. Her music touches Edna to the very core of her being. Something inside her is stirred, and she feels alive like never before in her life. Edna respects Reiz because she has the courage to be different.